From today's email communique: Notification Regarding Increase in IDEALPRO Minimum Order Size Please note that IB will increase the minimum order size for IDEALPRO Forex trading. It is anticipated that this change will be effective December 1, 2008. The changes to minimum order size are as follows: New order minimum AUD 35,000 New order minimum CAD 30,000 New order minimum EUR 20,000 New order minimum GBP 17,000 For those currencies not listed above, the minimum order size will not be changed. For additional information on minimum and maximum order sizes, please refer to the IB web site under Trading &t; Exchange Listings &t; Global &t; IDEALPRO
Considering commission minimums, reasonable size to trade IDEALPRO is anyway not less than 100K position size, otherwise trade cost becomes very high relative to pip size... So 25K USD or 20K EUR, not much of a difference...
I'm curious on what other ppl makes of this change. This seems to be a good thing for IB. There will be more trades routed to Ideal instead of IdealPro and Ideal is a private internal network within IB. So there will be more liquidity to IB customers on the Ideal network once the change goes into effect.
What is the difference between Ideal and Ideal pro. If I want to convert some currency in my a/c to my base currency -do I use Ideal? In Ideal pro EUR/USD was 18000 and to try some trade I had amended that to 9000 and the trade had gone through. So whatever the default ,you can still amend that to other figure. Has this been changed now? Thanks
that's the problem and i think IB needs to make allowance for converting back to base when you trade other markets. i was going to convert some yen back to dollars (1mm yen- ie: bit over 10,000 USD). couldn't do it in idealpro (it cancels the order and sends it to ideal. at the time, the spread was normal tight on pro and MORE THAN A DOLLAR! in ideal. tried and tried to get an execution and didn't- still own it and it's moved against me. me thinks this is IB taking advantage of clients who trade markets outside of their base. there should be some exception for converting gains. i wouldn't mind if it had to be at least 5000 USD or something; but to have to deal with the idealpro minimums is unrealistic and, as i said, taking advantage of their clients. IB gets enough money out of me, they don't need to make me their bitch every time i want to convert to base.